VANCOUVER, Jan. 9 /PRNewswire-FirstCall/ - Inex Pharmaceuticals Corporation announced today that the Supreme Court of British Columbia hearing to discuss INEX’s proposed Plan of Arrangement to spin out its Targeted Immunotherapy assets into a new company has been completed. The hearing discussed whether the plan can be completed given the terms of INEX’s current outstanding convertible debt as well as the bankruptcy petition brought forward by Stark Trading and Shepherd Investments International Ltd. (collectively “Stark”) on December 20, 2005. The judge has reserved judgment until a later date. INEX will report on the final judgment when it is received.
Stark is the majority holder of certain promissory notes issued by Inex International Holdings, a subsidiary of INEX. The promissory notes are not due until April 2007 and can be repaid in cash or in shares, at INEX’s option, at maturity.
Timothy M. Ruane, President and Chief Executive Officer of INEX, said the completion of this hearing is the next step towards the company’s goal of spinning out of the Targeted Immunotherapy technology. “With this hearing completed, we can now focus on the shareholders meeting January 26, 2006 to approve the spin out transaction. We continue to believe that INEX’s two technology platforms are worth more to our stakeholders as independent entities than combined in one company and we encourage shareholders to vote in favour of the transaction.”
About INEX
INEX is a Canadian biopharmaceutical company developing and commercializing proprietary drugs and drug delivery systems to improve the treatment of cancer. Further information about INEX can be found at www.inexpharm.com.
Forward Looking Statements
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words “believes,” “may,” “plans,” “will,” “estimate,” “continue,” “anticipates,” “intends,” “expects,” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, INEX’s stage of development, lack of product revenues, additional capital requirements, risks associated with the completion of clinical trials and obtaining regulatory approval to market INEX’s products, the ability to protect its intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
Contact Information Investors Ian Mortimer Vice President, Finance and Chief Financial Officer Phone: 604-419-3200 Email: info@inexpharm.com Website: www.inexpharm.com Media Karen Cook Boas James Hoggan & Associates Inc. Phone: 604-739-7500 Email: kcook@hoggan.com
Inex Pharmaceuticals Corporation
CONTACT: Investors: Ian Mortimer, Vice President, Finance and ChiefFinancial Officer, Phone: (604) 419-3200, Email: info@inexpharm.com,Website: www.inexpharm.com; Media, Karen Cook Boas, James Hoggan &Associates Inc., Phone: (604) 739-7500, Email: kcook@hoggan.com
